New Mountain Capital Acquisition of Flexan Expected to Close this Month

An affiliate of private equity firm New Mountain Capital LLC, ILC Dover, has reached a definitive agreement to acquire Flexan, a contract design and manufacturing organization that specializes in silicone, thermoplastic, and specialty rubber components for medical device OEMs. The transaction is expected to close this month subject to customary closing conditions and regulatory approvals.

New Mountain portfolio company ILC Dover designs and manufactures engineered flexible protective products for the pharmaceutical and biopharmaceutical, flood protection, personal protection, bulk packaging, and aerospace industries. 

By combining the expertise and capabilities of ILC Dover and Flexan, the companies will have the ability to serve a broader client base in both the medical device and biopharmaceutical end markets, said the announcement. 

“Flexan’s expertise in silicone molding and thermoplastic extrusion enables the company to deliver mission-critical components and devices to medical device manufacturers and ultimately improve patient care,” said Andre Moura, Managing Director at New Mountain Capital. “We look forward to working closely with the management teams at Flexan and ILC Dover to drive the next chapter of growth and innovation across life sciences markets.” 

This is ILC Dover’s second acquisition since it entered into a partnership with New Mountain Capital in early 2020. In September 2020, it acquired UK-based Solo Containment, a manufacturer of flexible film isolators. 

Founded in 1946, Flexan is headquartered in Lincolnshire, IL.